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China Daily Mail

Power company AES Corp will sell a majority of its businesses in China for a total of $134 million, as it is unable to pass on higher coal costs in a state-regulated industry.

The sale of about 2,727 MW gross capacity of the plants is expected to close by the second half of 2012, the company said.

“Narrowing our geographic focus and investing in our core markets better positions us for long term earnings growth,” Chief Executive Andres Gluski said in a statement.

The Virginia-based company will sell its 25 percent equity interest in the coal-fired Yangcheng plant and its 49 percent stake in the China Wind joint venture for $86 million.

AES also said it would sell its 49 percent interest in Jianghe Rural Electrification Development Company Ltd to its joint venture partner China Three Gorges New Energy Corp for $48 million.

Chinese independent power producers such as Huaneng…

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